ming chen began a professional practice on june 1

Paid 50,000 for the purchase of land adjacent to land currently owned by DLite Dry Cleaners as a future building site. The business, Q:Connie Young, an architect, opened an office on October 1, 20Y4. 11 Cash 12 Accounts Receivable 13 Supplies 14 Prepaid Insurance 16 Equipment 18 Truck 21 Notes Payable 22 Accounts Payable 31 Common Stock 33 Dividends 41 Fees Earned 51 Wages Expense 53 Rent Expense 54 Utilities Expense 55 Truck Expense 59 Miscellaneous Expense 2. %24 Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Hill Prepare an unadjusted trial balance for Heritage Designs as of November 30, 20Y9. h. Recorded cash from cash clients for fees earned for the period May 17-23, 7,900. 4. . 75,000 Enter the impact of each transaction on individual items of the accounting equation. The company paid $1,000 cash in dividends to the owner (sole shareholder). 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. e. The company completed work for a client and sent a bill for $8,000 to be received within 30 days. 2020 - 2024 www.quesba.com | All rights reserved. %24 Net income is the excess amount of revenue after deducting all the expenses of a, Q:On August 1, 2019, Rafael Masey established Planet Realty, which completed the following, A:Since we only answer up to 3 sub-parts, well answer the first 3. The following transactions occurred during January of the, A:Cash flow statement is the statement which shows all cash inflows and cash outflows of the business. Paid wages of employees, 6,800. c. Paid April rent for office and workroom, 3,150. d. Paid cash for supplies, 1,450. e. Purchased office and computer equipment on account, 6,500. f. Paid cash for annual insurance policies on automobile and equipment, 2,400. g. Received cash from a client for plans delivered, 12,000. h. Paid cash to creditors on account, 1,800. i. Brooke completed the following transactions during the month of August: a. $4 Mulberry paid the interest payable of $8,000. Get access to millions of step-by-step textbook and homework solutions, Send experts your homework questions or start a chat with a tutor, Check for plagiarism and create citations in seconds, Get instant explanations to difficult math equations, The transaction analysis is done with the help of the accounting equation. j. Analyze each transaction, Journalize as appropriate. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. The American Chamber of Commerce in South China. A balance sheet The actual work of dry cleaning is done by another company for a fee. 11. Paid annual premiums on property and casualty insurance, 2,400. Accounts containing only a single entry do not need a balance. 8. During the month, she completed the, A:Since you have posted a question with multiple sub-parts, we will solve the first three sub-parts. 7.500 a. Ethics and budgetary slack: Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Only debit card transaction fees. (i) Paid electricity bill, 85. During the first month of Journal entry is an accounting entry to record every transaction takes place, Q:On June 1 of the current year, Pamela Schatz established a business to manage rental property. During the first month, the, A:The accounting equation refers to an equation that equates the total assets with the sum of total, Q:Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on, A:Journal entry: Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2. f. Paid office salaries, $6,500. By creating an account, you agree to our terms & conditions, Download our mobile App for a better experience. 8. Bal Paid gas, oil, and repairs on automobile for April, 550. According to IMD, the most expensive film on record is Pirates of the Caribbean: On Stranger Tides, with a total budget of $378 .5 million.11 This movie and its budget were w.. Ethics and budgetary slack: Gutierrez Company, a publicly held corporation, operates a regional chain of large drugstores. Extend the balances to the appropriate balance columns after each transaction is posted. Received an invoice for truck expenses, to be paid in November, 1,250. Prepare an unadjusted trial balance for Ken Jones, Architect, as of April 30, 2019. 31. Revenues Discuss how REA diagrams might be useful to auditors in understanding a client's business processes. 7,500 (1,500) + Income tax of $10,300 was incurred and paid in 2019. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. b. Paid utilities expense, 4,500. Paid rent for July, 1,750. 0. 28. 10.000 Determine the net income for June. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. Transactions and Financial statements Les Stanley established an insurance agency on July 1, 20Y5, and completed the following transactions during July: a. g. The company paid an assistant $3,000 cash as wages for the month. Disclaimer: Writers are not employees or representatives of TutorsOnSpot.Com, Join The Community Already Trusted By Thousands Of Students Like You, Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 30. Determine the increase or decrease in owners equity for August. 29. (Optional) Prepare a statement of cash flows for July. C. Determine the amount of Joel Palks capital as of July 1 of the current year. I will be happy to offer you 100% original work with high-quality standard, professional research and writing services of various complexities. During, A:Note:Sinceweonlyanswerupto3sub-parts,wellanswerthefirst3.  One of your department’s cost accounts is the Maintenance Expense–Garden Equipment account. Bal. The material used for derbies costs $4.50 per unit, and Dapper pays each of its two full-time employees $360 per week. ACCOUNTS RECEIVABLE 0.33 Q:Prepare the statement of retained earnings for the month of July 31. Received 750, with the remainder due August 4, 2019. $30000. the. Discuss how REA diagrams might be useful to auditors in understanding a client's business Concept of Cost Behavior Dapper Hat Makers is in the business of designing and producing Income Statement for a Manufacturing Organization Using the following information from Char Carter Containers sold marketable securities, land, and common stock for $30 million, $15 One of your departments cost accounts is the Maintenance ExpenseGarden Equipment account. If there is. ol + Income Statement is the statement which shows the revenue earned and expenses, Q:Kristin Holden started her own consulting business in July, 20--. Since your question has multiple sub-parts, we will solve first three sub-parts for, Q:Saif is a licensed CPA (Accounting and Auditing Firm). Paid rent for period of November 1 to end of month, 4,000. Accounts containing a single entry only (such as Prepaid Insurance) do not need a balance. Prepare an unadjusted trial balance as of January 31, 2019. Revenue The assets and liabilities of the business on July 1, 2019, are as follows: Cash, 45,000; Accounts Receivable, 93,000; Supplies, 7,000; Land, 75,000; Accounts Payable, 40,000. Business transactions during July are summarized as follows: a. Joel Palk invested additional cash in the business with a deposit of 35,000 in the business bank account. Determine account balances of the T accounts. Paid telephone bill for May, 260. What amount should Carter report as net cash from investing activities? d. Neither credit card nor debit .. Budgeting issues at the movies: Movies are expensive to produce and market. Prepare T accounts, using the account titles in (1). Paid rent on office and equipment for the month, 3,250. c. Purchased supplies on account, 2,150. d. Paid creditor on account, 875. e. Earned sales commissions, receiving cash, 14,440. f. Paid automobile expenses (including rental charge) for month, 1,580, and miscellaneous expenses, 650. g. Paid office salaries, 3,000. h. Determined that the cost of supplies used was 1,300. i. Write Balance in the Item column and place a check mark () in the Posting Reference column. During June, Ming Chen (the owner) completed these transactions. 1004. j. g. The company paid an assistant $3,000 cash as wages for the month. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. There is no prepaid rent or rent payable at year-end. Q:Jay Crowley established Affordable Realty, which completed the following transactions during the. (Do not insert the account numbers in the journal at this time.) 3. 2. The equity, A:T-accounts refer to the ledger accounts prepared to get the transactions and balance related to a, Q:th, $1,300, and miscellaneous expenses, $700. c. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. 13. During June, Ming Chen (the owner) completed these transactions. c. Received cash from fees earned. Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. Opened a business hank account in the name of Stanley Insurance Inc., with a deposit of $60000 in exchange for common stock. Journalize and post the adjusting entries. %24 Since there are multiple subparts, we will answer only first three subparts. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. Received $100 from a customer for services we will provide next week. f. The company purchased additional equipment for $6,000 cash. C. The company purchased $10,000 of additional equipment on credit (payment due within 30 days). c. Received cash from fees earned. 1. J. 3. Owner invested 2. If you want the answer, Q:Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1., A:Financial statements: These refer to the formal or official records of the activities of the, A:As per accounting equation Assets = Liabilities, where liabilities comprises of liability and, Q:Architects completed the following transactions: (Enter decreases to account balances with a July 21. Median response time is 34 minutes for paid subscribers and may be longer for promotional offers. Paid cash for a newspaper advertisement. Common points 25. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months.

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